AGDC approves purchase of TransCanada’s Alaska LNG stake

AGDC approves purchase of TransCanada's Alaska LNG stake

Alaska Gasline Development Corporation (AGDC) on Saturday authorized a payment of $64.6 million to TransCanada for its interests in the Alaska LNG export project.

AGDC already holds the State of Alaska’s equity interest in the Alaska LNG project’s liquefaction facility planned for Nikiski on the Kenai Peninsula.

With the approval, the corporation will assume TransCanada’s interest in the project’s 800-mile pipeline and North Slope gas treatment plant giving the state a 25 percent interest in the entire integrated LNG project.

According to AGDC’s statement, the state’s transaction is expected to close on November 24th.

The board has postponed a decision regarding the Alaska LNG project’s work program and budget for 2016 until December 3rd. The project’s Management Committee is scheduled to meet on December 4th at which time a unanimous vote of all venture partners will be required to continue preliminary front-end engineering and design, according to AGDC.

The resignation of AGDC president Dan Fauske who tendered his resignation prior to Saturday’s meeting was also accepted by the board.

LNG World News Staff; Image: Alaska LNG

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